Section 27-36A-16 – Requirements of a Principle-Based Valuation.
Section 27-36A-16 Requirements of a principle-based valuation. (a) A company must establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual: (1) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects […]
Section 27-36A-1 – Short Title.
Section 27-36A-1 Short title. This chapter shall be known as the Standard Valuation Law. (Act 2016-411, §2.)
Section 27-36A-17 – Experience Reporting for Policies in Force on or After the Operative Date of the Valuation Manual.
Section 27-36A-17 Experience reporting for policies in force on or after the operative date of the valuation manual. A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual. (Act 2016-411, §2.)
Section 27-36A-2 – Definitions.
Section 27-36A-2 Definitions. For purposes of this chapter, the following definitions shall apply on or after the operative date of the valuation manual as defined by Section 27-36A-15: (1) ACCIDENT AND HEALTH INSURANCE. Contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be […]
Section 27-36A-18 – Confidentiality.
Section 27-36A-18 Confidentiality. (a) For purposes of this section, “confidential information” shall mean all of the following: (1) A memorandum in support of an opinion submitted under Section 27-36A-4 and any other documents, materials, and other information, including, but not limited to, all working papers, and copies thereof, created, produced, or obtained by or disclosed […]
Section 27-36A-3 – Reserve Valuation.
Section 27-36A-3 Reserve valuation. (a) Policies and contracts issued prior to the operative date of the valuation manual. (1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in […]
Section 27-36A-19 – Single State Exemption.
Section 27-36A-19 Single state exemption. (a) The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in the State of Alabama from the requirements of Section 27-36A-15 provided: (1) The commissioner has issued an exemption in writing to the company and has not subsequently […]
Section 27-36A-4 – Actuarial Opinion of Reserves.
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support […]
Section 27-36A-20 – Small Company Alternative Valuation.
Section 27-36A-20 Small company alternative valuation. THIS SECTION WAS AMENDED BY ACT 2022-151 IN THE 2022 REGULAR SESSION, EFFECTIVE MARCH 17, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A company calculating reserves under this section shall calculate reserves for life insurance, accident and health insurance contracts, credit life contracts, group life contracts, […]
Section 27-36A-5 – Computation of Minimum Standard.
Section 27-36A-5 Computation of minimum standard. (a) Except as provided in Sections 27-36A-6, 27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies and contracts issued prior to May 28, 1996, shall be that provided by the laws in effect immediately prior to May 28, 1996. (b) Except as otherwise provided in […]